New research from Park & Associates finds that nearly 75-percent of respondents believe their smart home products are "very valuable".
This shouldn't be a surprise. Why else would people spend hundreds of dollars on smart speakers, smart thermostats, and other smart home products, if they weren't "valuable"? In fact, it's a bit surprising that the number is only 75-percent.
The firm also surveyed respondents about the top reasons for buying from a specific smart home device brand, with the most popular answer being "the brand was recommended by family or friends". Coming in second place was "the brand was recommended in online reviews". All six answers came in pretty close to each other, ranging from about 18 to 27-percent. There wasn't one specific answer that really led the pack here, which might be a bit surprising. But seeing online reviews coming in second is. That just goes to show how big the word of mouth advertising is for some companies.
Other information that was uncovered in this research is the fact that smart speakers with voice assistants have grown substantially. Hitting about 3-percent of respondents in 2016, to over 31-percent at the end of 2018. Smart thermostats are in about 11 to 13-percent of US broadband households. Smart security cameras account for about 10-percent. Finally, it found that as of the fourth quarter of 2018, nearly one-third of homes with broadband, had a connected device that could be used remotely and/or monitored remotely.
What this data shows is that the smart home industry is still growing, though it does appear to be growing in different areas. Consumers are starting to open up to adding these products into their home. Smart Speakers are still the most popular product category in the smart home industry, and that should be no surprise. Smart speakers are usually pretty cheap, with the Echo Dot and Google Home Mini going for $50 (regular price). They also serve as a base for all of your smart home products, not to mention they also do a lot more than just play music, or control the temperature in your home.
Not to mention the fact that Amazon has also been virtually giving away some of its Echo smart speakers with almost any purchase of a device that works with Alexa. This was particularly true during the holiday season. That has really helped Amazon jump out in front in terms of smart speakers, ahead of Google by quite a bit.
Smart thermostats are catching up, and that isn't a surprise either. Smart thermostats allow users to control their thermostat when they aren't home, it also allows them to conserve energy when they are not home (and even when they are), as these thermostats can intuitively adjust the temperature and save energy by turning off the heat or air conditioning when it is not needed. That is always a good thing, and it not only saves the user money, but it helps out the environment as well, and with climate change being a real issue these days, that's a good thing.